In its first month as Washington DC’s official sports betting platform, FanDuel made $4.9m in revenues (PS3.8m/EUR4.5m).
FanDuel, in its first month in Washington DC as a full-time operator, reported that it took $29.7m of bets in May. This is 450.0% higher than the $5.4m wagers made in the same period last year by the incumbent GambetDC. Last month, FanDuel players won $24.9m in total.
FanDuel took over its DC role officially on the 15th of April. The Office of Lottery and Gaming completed its transition to Intralot’s GambetDC as its long-term sports betting partner.
FanDuel’s $4.9 million in revenue for May surpasses GambetDC’s $711,282 generated during the same period last year. The revenue is calculated after subtracting the player’s winnings from all bets made during the month.
FanDuel’s revenue and wagering in DC is actually higher than the combined amount of all other operators. BetMGM, Caesars Entertainment and other operators are also present in DC.
The OLG published FanDuel revenue figures from Washington DC for the first 30 days. These showed $5.0m.
GambetDC is coming up in May.
GambetDC lost its presence online in DC but retained a modest presence on the market through its kiosks in May.
In May, the kiosks brought in $189.095 from $898.671 of wagers. The GambetDC Kiosks have generated $709 576 in winnings for players.
It is unclear how long the kiosks will be in place. FanDuel already announced that it would be replacing the betting kiosks in 63 lotteries retailers throughout DC. It appears GambetDC has a limited time left.
Players can still access the GambetDC App, but no longer bet on sporting events. Customers have until the 15th of October to withdraw their remaining funds.
GambetDC, which had a contract with DC at the time, has struggled to produce a product that is competitive in DC.
The OLG’s approval of Intralot’s request to subcontract sports betting online to FanDuel was not a surprise. FanDuel was able to launch in DC a couple of days after this.
The partnership brings other benefits for the OLG, besides higher bets and increased revenue. The OLG no longer has to cover operating costs, which were previously $2.0m – $4.0m per year. FanDuel now handles all payment processing, promotion, marketing, and retailer commissions.
Are we on the verge of a DC market that is more open?
FanDuel’s control could be a first step to opening DC up to competition and more operators.
Yesterday, the DC Council passed a budget for FY2025 that includes the Sports Wagering Amendment Act 2024. The budget was unanimously passed by the council during a meeting of legislators. A second vote could be held as soon as next week.
Click here to read the full report on the hearing. It includes details about the defeated amendment which would have eliminated the new plan for sports betting.
